Rays finalize $2.3B stadium deal with new loan structure ahead of Aug. 27-28 votes
The Tampa Bay Rays, City of Tampa, and Hillsborough County have reached a preliminary agreement on a $2.3 billion stadium project at the Hillsborough College site. The deal replaces the previous Community Investment Tax contribution with an $80 million city loan and a $100 million team loan, both repayable via property taxes from a surrounding mixed-use development. Votes are scheduled for August 27 and 28, though county commissioners remain skeptical about the city's funding reliability and land-use approvals.
Key points
- The total project cost is $2.3 billion, with the Rays contributing over half, Hillsborough County providing nearly $800 million, and the City of Tampa committing $180 million.
- The city’s $180 million share is now structured as an $80 million loan, replacing the previous Community Investment Tax mechanism, to be repaid by property tax revenues from the stadium’s mixed-use district.
- The Rays have also agreed to a $100 million loan, with both loans serviced by revenues from the privately financed $8 billion mixed-use development surrounding the ballpark.
- Tampa City Council votes on August 27, followed by a Hillsborough County Commission vote on August 28, with final documents to be distributed on Monday, August 24.
- County Commissioners Chris Boles and Christine Miller have expressed doubts, with Boles threatening to vote against the deal and Miller citing concerns over the city’s land-use approvals and the influence of Councilman Bill Carlson.
Background
This development follows months of negotiation and a May 2026 draft agreement that was narrowly approved by both the city and county. Earlier in 2026, the Rays unveiled plans for an $8 billion mixed-use district and selected AECOM Hunt/Turner as the construction contractor, targeting a 2029 opening. Recent archive coverage highlighted growing skepticism from county commissioners over shifting financing terms and stalled land-use amendments, setting the stage for the current restructured deal.
How outlets are covering it
Tampa Mayor Jane Castor and Rays CEO Ken Babby framed the agreement as a historic step forward, emphasizing the new revenue-sharing structure and private investment. FOX 13 highlighted Councilman Bill Carlson’s role in building consensus through a proposed infrastructure trust fund, while the Tampa Bay Times focused on the skepticism of County Commissioners Boles and Miller, who questioned the city’s commitment and the stability of the deal. The Times noted that Miller labeled the new structure the 'Carlson deal,' criticizing the changing terms, whereas FOX 13 presented the deal as a finalized framework for a world-class destination.
Why it matters
The outcome of these votes determines whether the $2.3 billion stadium and $8 billion mixed-use development proceed, impacting local infrastructure, public funding, and the future of Major League Baseball in the Tampa Bay region. The shift to a loan-based repayment model introduces new financial risks and dependencies on private development success.
What to watch
Final deal documents will be distributed on Monday, August 24. The Tampa City Council votes on August 27, and the Hillsborough County Commission votes on August 28. If approved, officials aim to begin construction in September, targeting a 2029 opening.
- See the Tampa Bay Rays’ proposed stadium deal with Tampa, Hillsborough Tampa Bay Times
- ‘We have a deal’: Rays complete agreement documents with Tampa, Hillsborough for team relocation wtsp.com
- Angry politicians? No way! Why the latest Rays stadium fight is a dud Tampa Bay Times
- Crucial agreement made in Tampa Bay Rays stadium deal in Tampa, votes next week FOX 13 Tampa Bay
- Rays, Tampa, Hillsborough County officials release framework documents to keep team in Tampa Bay WFLA
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